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3-Gone Fishing - Gone Fishing Inc Balance Sheet at Assets...

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Gone Fishing, Inc. Balance Sheet at December 31, 2003 Assets Liabilities and Equities Cash $ 25,000 Accounts payable $ 50,000 Accounts receivable 80,000 Unearned revenue 40,000 Inventories 60,000 Interest payable 10,000 Supplies 7,000 Wages payable 9,000 Prepaid insurance 12,000 Land 30,000 Long-term note payable 150,000 Building 200,000 Equipment 70,000 Contributed capital 40,000 Accumulated depreciation (48,000) Retained earnings 137,000 Total assets 436,000 Total liabilities and equities 436,000 Income Statement for the Year Ended December 31, 2003 Net sales revenue $700,000 Cost of goods sold 360,000 Gross margin 340,000 General store expense 125,000 Depreciation expense 24,000 Supplies expense 6,000 Insurance expense 10,000 Interest expense 15,000 Wage expense 110,000 Net income 50,000 Transactions during 2004 1. Gone Fishing, Inc. made cash sales of $600,000 and sales on account of $400,000 during 2004. 2.
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3-Gone Fishing - Gone Fishing Inc Balance Sheet at Assets...

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